EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q3 2008 EARNINGS

	•		Net AUM of $17.3 billion as of September 30, 2008, down 16% from September 30, 2007

	•		Net revenues of $102.1 million for Q3 2008 vs. $102.6 million for Q3 2007

	•		Non GAAP adjusted net income for Q3 2008 of $21.8 million vs. $29.0 million for Q3 2007 ($0.07 vs. $0.09 per non GAAP weighted average fully diluted share) on a GAAP net (loss)/income attributable to common stockholders of ($167.1) million for Q3 2008 vs. $29.0 million for Q3 2007

	•		Initial $1.6 billion mandate with Banca Fideuram was funded in October 2008

	•		Regular quarterly dividend of $0.025 per share was paid on October 21, 2008

New York, November 10, 2008 — GLG Partners, Inc. (NYSE: GLG), a leading alternative asset manager, today reported a GAAP net loss attributable to common stockholders of $167.1 million for the quarter ended September 30, 2008 and $487.0 million for the first nine months of fiscal 2008. GAAP diluted EPS was ($0.79) for the quarter ended September 30, 2008 and ($2.30) for the first nine months of fiscal 2008. As previously disclosed, under GAAP accounting GLG expects to recognize significant and largely non-cash compensation related expenses associated with GLG’s reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. Accordingly, the third quarter 2008 GAAP net loss resulted primarily from the recognition of $188.0 million of these compensation related expenses. There will be Acquisition-related GAAP compensation expenses quarterly, ending in the fourth quarter of 2013. For further discussion of these largely non cash Acquisition-related charges see below under “Non GAAP Financial Measures”.

Non GAAP adjusted net income was $21.8 million, down 24.8% year-over-year, for the quarter ended September 30, 2008 and $99.9 million, down 40.4% year-over-year, for the first nine months of fiscal 2008. The ratio of non GAAP adjusted net income to non GAAP weighted average fully diluted shares was $0.07 for the quarter ended September 30, 2008, down 22.2% year-over-year, and $0.31 for the first nine months of fiscal 2008, down 38.0% year-over-year. Non GAAP adjusted net income and non GAAP weighted average fully diluted shares are financial measures not prepared under GAAP. A reconciliation of GAAP net income to non GAAP adjusted net income and average fully

diluted shares under GAAP to non GAAP weighted average fully diluted shares is presented below under “Non GAAP Financial Measures”.

“The global financial markets’ performance during recent months represents truly historical tail events. We have seen record volatility levels, massive deleveraging, the failure of prominent financial institutions and substantial government intervention,” explained Noam Gottesman, Chairman and Co-CEO of GLG. “Our systems and control process have worked well in this environment. We have been de-levering our portfolios, reducing our risk exposures and building liquidity throughout this period. We are planning for the global markets to remain volatile and we believe we are well positioned to take advantage of the global investment and strategic opportunities that this environment is likely to present.”

GLG’s net assets under management (AUM) as of September 30, 2008 were $17.3 billion (net of assets invested from other GLG managed funds), down 15.6% from September 30, 2007 and down 27.0% from net AUM as of June 30, 2008. The decline in net AUM over the course of the three months ending September 30, 2008 was roughly half performance driven with the remaining portion, $3.3 billion, due to $1.3 billion of redemptions from the Emerging Market Funds, $0.9 billion of redemptions in other GLG Funds and $1.1 billion from the impact of the dollar strengthening (see Table 1 for a net AUM roll forward). GLG’s gross AUM (including assets invested from other GLG managed funds) were $21.2 billion at September 30, 2008, down 24.2% from June 30, 2008 and down 10.3% from September 30, 2007. Please note that an approximately $1.6 billion initial investment mandate awarded to GLG from the Asset Management Division of Banca Fideuram (Intesa Sanpaolo Group) was funded in October. The difference between the $1.6 billion and the $3.0 billion we had originally announced last May is entirely attributable to the effect of market depreciation and the strengthening of the dollar on the predecessor long only portfolios that were the source of the capital underlying the mandate.

Table 1: Assets Under Management
(US$ in millions)


	As of September 30,
	2008			2007

Gross Fund-Based AUM	$	19,048		$	21,524
Managed Accounts AUM		1,843			1,905
Cash and Other Securities		261			164
Gross AUM		21,152			23,593
YoY % Change		(10.3	%)		48.1	%
Net AUM		17,280			20,466
YoY % Change		(15.6	%)		49.2	%


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007

Opening Net AUM	$	23,668		$	18,585		$	24,612		$	15,154
Inflows (net of redemptions)*		(2,182	)		1,633			(2,044	)		3,151
Performance (gains net of losses and fees)		(3,139	)		(297	)		(4,956	)		1,397
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		545			(332	)		764

Closing Net AUM	$	17,280		$	20,466		$	17,280		$	20,466

Three Months Ended

Nine Months Ended

September 30,

2008

2007

2008

2007

% of Opening Net AUM

Net Fund-based inflows (net of redemptions)*

(9.2

8.8

(8.3

20.8

Net Fund-based performance (gains net of losses and fees)

(13.3

(1.6

(20.1

9.2

Net Fund-based currency translation impact (non-US$ expressed in US$)

(4.5

2.9

(1.3

5.0


*		Inflows (net of redemptions) for the three months and nine months ended September 30, 2008 are inclusive of $1.3 billion and $1.6 billion, respectively, in redemptions associated with our Emerging Market Funds.

Note:		Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows.

Financial and Operational Summary

For the quarter ended September 30, 2008, net revenues and other income were roughly flat at $102.1 million compared to $102.6 million for the same quarter in 2007, reflecting slightly higher average net AUM levels offset by the impact of the U.S. dollar strengthening on fees and cash balances. Net revenues and other income for the first nine months of 2008 decreased by 28.9%, year-over-year, to $422.3 million, largely on lower levels of performance fees.

Performance fees were modest at $6.8 million in the quarter ended September 30, 2008, reflecting crystallization on certain managed accounts. It is our practice to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, the fourth quarter’s performance fees will largely reflect crystallized performance for the second half of the year. For the first nine months of 2008, performance fees declined 73.9% year over year to $89.8 million.

Management and administration fees totalled $98.1 million, or 1.9% of average net AUM, for the quarter ended September 30, 2008, an increase of 3.4% and decrease of 3 bps, respectively, compared to the quarter ended September 30, 2007. For the first nine months of 2008, management and administration fees totalled $330.1 million, or 2.0% of average net AUM, increases of 36.5% and 12 bps, respectively, compared to the first nine months of 2007. Other income, which primarily reflects the currency translation impact on cash held on our balance sheet, decreased by $9.7 million from the year ago third quarter resulting in a loss of $2.8 million for the three months ended September 30, 2008. For the first nine months of 2008, other income was a positive $2.4 million, down $5.5 million from the same period last year.

The total level of non GAAP compensation, benefits and profit share (“CBP”) when expressed as a percentage of revenues dropped 623 bps to 38.6% in the quarter ended September 30, 2008 from the same period last year. In dollar terms, CBP decreased in the quarter ended September 30, 2008 by 14.3% from the year ago period to $39.4 million. For the first nine months of 2008, CBP was $188.6 million, down 40.7% year over year. Relative to revenues, CBP dropped 891 bps to 44.7% for the first nine months of 2008 versus the same period last year. CBP is a financial measure not prepared under GAAP, and includes compensation, benefits and profit share but excludes Acquisition-related compensation expense described below under “Non GAAP Financial Measures”. GAAP compensation, benefits and profit share for the quarter ended September 30, 2008 increased to $227.4 million compared to $46.0 million in the same quarter last year. For the first nine months of 2008, GAAP compensation, benefits and profit share increased to $777.1 million relative to $318.0 million in the same period a year ago. The increase largely reflected the impact of recognizing Acquisition-related compensation expenses during the period for which there was no corresponding charge in the prior period, offset by lower discretionary bonus accruals and limited partner profit share due to performance declines. Please note that compensation, benefits and profit share is mostly discretionary and is finalized based primarily on full year performance as at December 31.

General, administrative, and other expenses for the quarter ended September 30, 2008

increased 17.0% from the year ago period to $30.3 million, and increased 14% year over year for the first nine months of 2008 to $90.8 million. The increase reflects additional public company costs as well as growth in the scale of our operations. Net interest expense was $4.0 million and $12.1 million during the three and nine months ended September 30, 2008, respectively. Net interest expense largely reflects the cost of borrowings under our term loan and revolving credit facilities.

“While this has been a challenging quarter for our business, we continue to plan for the medium to long term and build the strength of our franchise,” said Emmanuel Roman, Co-CEO and Managing Director of GLG. “Our focus during the quarter has been threefold - an absolute focus on managing the portfolios to the best of our ability in these unprecedented market conditions; continued focus on driving through cost efficiencies and delivering improvements in client service; and investing in our team of talented professionals.”

Capital and Dividends

As of September 30, 2008, there were 245.8 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, and 54.5 million warrants outstanding. No warrants were repurchased or exercised during the third quarter of 2008. During the first nine months of 2008, GLG repurchased 7.0 million warrants for $37.4 million and 0.3 million shares for $4.0 million and 2.1 million warrants were exercised at $7.50 per share for aggregate proceeds of $16.1 million. Since November 2, 2007 (through November 6, 2008), GLG has repurchased 14.3 million warrants for $82.9 million and 0.3 million shares for $4.0 million and 5.5 million warrants have been exercised at $7.50 per share generating aggregate proceeds of $41.4 million.

Approximately $117.0 million remains available under the Company’s stock and warrant repurchase program through February 4, 2009.

GLG paid a regular quarterly dividend of $0.025 per share on October 21, 2008 to holders of record as of October 10, 2008.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Monday, November 10, 2008 at 8:30 a.m. EST / 1:30 p.m. GMT hosted by Chairman of the Board and Co-Chief Executive Officer, Noam Gottesman, and Chief Financial Officer, Jeffrey Rojek. To participate by telephone, the domestic dial-in number is +1 888 713 4199 and the international dial-in number is +1 617 213 4861. The access code is 28455171. For the replay, which will be available until December 10, 2008, the domestic dial-in number is +1 888 286 8010 and the international dial-in number is +1 617 801 6888. The replay access code is 44907158. The teleconference will also be available via live webcast on GLG’s website at www.glgpartners.com.

Participants may pre-register for the call at:

About GLG

GLG, one of the largest alternative asset managers in the world, offers its base of long-standing prestigious clients a diverse range of investment products and account management services. GLG’s focus is on preserving client’s capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of September 30, 2008, GLG managed net AUM of over $17 billion.

Forward-looking Statements

This press release contains statements relating to future results that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the volatility in the financial markets; market conditions for GLG managed investment funds; performance of GLG managed investment funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the cost of retaining GLG’s key investment and other personnel or the loss of such key personnel; risks associated with the expansion of GLG’s business in size and geographically; operational risk, including counterparty risk; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG’s resources; risks related to the use of leverage, the use of derivatives, interest rates and currency fluctuations; as well as other risks and uncertainties, including those set forth in GLG’s filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

Investors/analysts:


GLG:		Jeffrey Rojek
		Chief Financial Officer
		+1 212 224 7245
		jeffrey.rojek@glgpartners.com

		Michael Hodes
		Director of Public Markets
		+1 212 224 7223
		michael.hodes@glgpartners.com

Non GAAP Financial Measures

GLG presents certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (GAAP), in addition to financial results prepared in accordance with GAAP.

Non GAAP compensation, benefits and profit share: GLG’s management assesses its personnel related expenses based on the measure non GAAP compensation, benefits and profit share, or non GAAP CBP. Non GAAP CBP reflects GAAP compensation, benefits and profit share adjusted to exclude Acquisition-related compensation expense in connection with the acquisition by Freedom Acquisition Holdings Inc. (“Freedom”) of GLG Partners LP and associated entities.

The majority of the Acquisition-related compensation is the result of the accounting for an agreement among certain of the Company’s principals concurrent with the acquisition. Although there were no additional equity shares issued to the principals as a result of the agreement, due to the service conditions contained in the agreement, GAAP requires a charge to compensation as the service conditions are met for the fair value of those shares as of the date of the agreement. Management believes that this non-cash charge to compensation expense does not reflect our ongoing core business operations and compensation expense and excludes such amounts for assessing our ongoing core business performance.

Additionally, GLG subtracts any compensation expense related to dividends paid on unvested shares. Compensation expense is only booked in accordance with SFAS 123(R) on dividends on unvested shares that are ultimately not expected to vest.

Non GAAP CBP is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP compensation, benefits and profit share.

Non GAAP Adjusted Net Income: GLG’s management assesses the underlying performance of its business based on the measure “adjusted net income,” which adjusts GAAP net (loss)/income before minority interest for (1) the Acquisition-related compensation expense, (2) to the extent that GLG records a tax benefit related to Acquisition-related compensation that is tax deductible for GAAP purposes, the impact of that tax benefit in calculating non GAAP adjusted net income, and (3) the cumulative dividends payable to the holders of exchangeable shares of our FA Sub 2 Limited subsidiary in respect of our estimate of the net taxable income of FA Sub 2 Limited allocable to such holders multiplied by an assumed tax rate. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net (loss)/income as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.

Non GAAP Weighted Average Fully Diluted Shares: GLG’s management assesses business performance per share based on the measure “non GAAP weighted average fully diluted shares outstanding,” which adjusts average fully diluted shares outstanding under GAAP for (1) the unvested shares issued pursuant to our equity participation plan, which are recorded under GAAP as treasury shares, but upon which we will pay

dividends; (2) unvested shares awarded under our 2007 Restricted Stock Plan and our 2007 Long-Term Incentive Plan upon which we will pay dividends; (3) the impact on the weighted average fully diluted shares outstanding of including all of the 69 million outstanding shares of Freedom common stock immediately prior to the closing of the acquisition by Freedom from January 1, 2006 rather than from November 2, 2007; and (4) the impact of including all of the 74 million Freedom warrants as outstanding from January 1, 2006 rather than from November 2, 2007 in determining the weighted average number of warrants outstanding in each period, and applying the treasury stock method to determine the number of fully diluted shares outstanding under such warrants applying the stock price on November 2, 2007 for all dates prior to November 2, 2007. Non GAAP weighted average fully diluted shares is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP fully diluted shares outstanding or used in calculating GAAP earnings per share.

GLG is providing these non GAAP financial measures to enable investors, securities analysts and other interested parties to perform additional financial analysis of GLG’s personnel related costs and its earnings from operations and because GLG believes that they will be helpful to investors in understanding all components of personnel-related costs of GLG’s business. GLG’s management believes that non GAAP financial measures also enhance comparisons of GLG’s core results of operations with historical periods. In particular, GLG believes that the non GAAP adjusted net income measure better represents profits available for distribution to stockholders than does GAAP net (loss)/income. Non GAAP weighted average fully diluted shares is a non GAAP financial measure that GLG uses internally to measure the number of shares on which it expects to pay dividends plus the warrants outstanding under the treasury stock method.

Investors should consider these non GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of performance prepared in accordance with GAAP. The non GAAP financial measures presented by GLG may be different from financial measures used by other companies.

SOURCE: GLG Partners Inc.

GLG Partners, Inc.
Consolidated Balance Sheets
(US$ in thousands; US GAAP)


	As of September 30,			As of December 31,
	2008			2007
Assets
Current Assets
Cash and cash equivalents	$	387,687		$	429,422
Restricted cash		24,363			24,066
Fees receivable		41,429			389,777
Prepaid expenses and other assets		41,005			35,685

Total Current Assets		494,484			878,950
Non-Current Assets
Investments (at fair value)		82,558			96,108
Goodwill		587			—
Property, plant and equipment, net		14,151			9,079

Total Non-Current Assets		97,296			105,187

Total Assets		591,780			984,137


Liabilities and Stockholders’ Equity

Current Liabilities
Rebates and sub-administration fees payable	$	25,408		$	25,543
Accrued compensation, benefits and profit share		185,244			467,887
Income taxes payable		20,829			37,464
Distribution payable		60,017			78,093
Accounts payable and other accruals		43,778			33,288
Other liabilities		30,580			16,092

Total Current Liabilities		365,856			658,367


Minority Interests		—			1,911
Loans Payable		570,000			570,000

Total Non-Current Liabilities		570,000			571,911


Total Liabilities		935,856			1,230,278


Commitments and Contingencies		—			—

Stockholders’ equity

Common Stock, $.0001 par value; 1 ,000,000,000 authorized, 245,794,397 issued and outstanding (2007: 244,730,988 issued and outstanding)	$	25		$	24
Additional Paid in Capital		1,111,159			575,589
Treasury Stock, 25,382,500 shares of common stock ¹		(347,740	)		(347,740	)
Series A voting preferred stock; 150,000,000 authorized, 58,904.993 issued and outstanding (2007: 58,904,993 issued and outstanding)		6			6
Accumulated deficit		(1,098,967	)		(477,497	)
Accumulated other comprehensive income		(8,559	)		3,477


Total stockholders’ equity		(344,076	)		(246,141	)


Total liabilities and stockholders’ equity		591,780			984,137


¹		Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of equity participation plan participants and included in common stock issued and outstanding.

GLG Partners, Inc.
Combined and Consolidated Statement of Operations
(US$ in thousands; US GAAP)


	Three months Ended
	September 30,
	2008			2007			% Change
Net revenues and other income

Management fees, net	$	80,307		$	78,558			2.2	%
Performance fees, net		6,833			803			750.9	%
Administration fees, net		17,751			16,306			8.9	%
Other		(2,796	)		6,905			(140.5	%)


Total net revenues and other income		102,095			102,572			(0.5	%)

Expenses

Employee compensation and benefits		(206,433	)		(28,959	)		612.8	%
Limited partner profit share		(20,954	)		(17,000	)		23.3	%

Compensation, benefits and profit share		(227,387	)		(45,959	)
General, administrative and other		(30,283	)		(25,891	)		17.0	%


Total expenses		(257,670	)		(71,850	)		258.6	%

(Loss)/income from operations		(155,575	)		30,722			(606.4	%)
Interest income, net		(3,985	)		3,048			(230.7	%)


(Loss)/income before income taxes		(159,560	)		33,770			(572.5	%)
Income taxes		(3,160	)		(4,735	)		(33.3	%)


GAAP net (loss)/income	$	(162,720	)	$	29,035			(660.4	%)

Minority interests
Exchangeable shares dividends		(1,472	)		—
Cumulative dividends		(2,896	)		—
Share of income		—			(73	)


GAAP net (loss)/income attributable to common stockholders	$	(167,088	)		28,962			(676.9	%)


Weighted average shares outstanding, basic		211,417			135,712
Net (loss)/income per common share, basic	$	(0.79	)	$	0.21			(476.2	%)

Net (loss)/income attributable to common stockholders, diluted	$	(167,088	)	$	28,962
Weighted average shares outstanding, diluted		211,417			194,617
Net (loss)/income per share, diluted	$	(0.79	)	$	0.15			(626.7	%)

GLG Partners, Inc.
Combined and Consolidated Statement of Operations
(US$ in thousands; US GAAP)


	Nine Months ended
	September 30,
	2008			2007			% Change
Net revenues and other income

Management fees, net	$	269,663		$	198,892			35.6	%
Performance fees, net		89,762			343,835			(73.9	%)
Administration fees, net		60,448			42,986			40.6	%
Other		2,412			7,875			(69.4	%)


Total net revenues and other income		422,285			593,588			(28.9	%)

Expenses

Employee compensation and benefits		(674,945	)		(110,526	)		510.7	%
Limited partner profit share		(102,185	)		(207,500	)		(50.8	%)

Compensation, benefits and profit share		(777,130	)		(318,026	)
General, administrative and other		(90,816	)		(79,634	)		14.0	%


		(867,946	)		(397,660	)		118.3	%

(Loss)/income from operations		(445,661	)		195,928			(327.5	%)
Interest income, net		(12,110	)		4,694			(358.0	%)

(Loss)/income before Income taxes		(457,771	)		200,622			(328.2	%)
Income taxes		(12,656	)		(33,020	)		(61.7	%)


GAAP net (loss)/income	$	(470,427	)	$	167,602			(380.7	%)

Minority interests
Exchangeable shares dividends		(4,418	)		—
Cumulative dividends		(12,194	)		—
Share of income		—			(479	)


GAAP net (loss)/income attributable to common stockholders	$	(487,039	)	$	167,123			(391.4	%)


Weighted average shares outstanding, basic		211,357			135,712
Net (loss)/income per common share, basic	$	(2.30	)	$	1.23			(287.0	%)

Net (loss)/income attributable to common stockholders, diluted	$	(487,039	)	$	167,123
Weighted average shares outstanding, diluted		211,357			194,617
Net (loss)/income per share, diluted	$	(2.30	)	$	0.86			(367.4	%)

GLG Partners, Inc.
Combined and Consolidated Statements of Cash Flows
(US$ in thousands; US GAAP)


	Nine Months Ended September 30,
	2008			2007
Cash flows from operating activities
Net cash provided by operating activities	$	136,202		$	376,046

Net cash used in investing activities		(9,888	)		(4,367	)

Cash flows from financing activities
Net cash used in financing activities		(167,790	)		(253,844	)

Net decrease in cash and cash equivalents		(41,476	)		117,835
Effect of foreign currency translation		(259	)		749
Cash and cash equivalents at beginning of year		429,422			273,148

Cash and cash equivalents at end of year	$	387,687		$	391,732

GLG Partners, Inc.
Non GAAP Adjusted Net Income for Three and Nine Months Ended September 30, 2008 and September 30, 2007
(US$ in thousands)


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2008			2007		% Change			2008			2007		% Change
Derivation of non GAAP adjusted net income

GAAP net (loss)/income	$	(162,720	)	$	29,035		(660.4	%)	$	(470,427	)	$	167,602		(380.7	%)
Add: acquisition related compensation expense		188,005			—					588,508			—
Less: tax effect of acquisition related compensation expense		(553	)		—					(6,010	)		—
Less: cumulative dividends		(2,896	)		—					(12,194	)		—



Non GAAP adjusted net income	$	21,836		$	29,035		(24.8	%)	$	99,877		$	167,602		(40.4	%)


Non GAAP adjusted net income per non GAAP weighted average fully diluted share		0.07			0.09		(22.2	%)		0.31			0.50		(38.0	%)

Non GAAP weighted average fully diluted shares		309,630			333,893					318,500			333,893

GLG Partners, Inc.
Non GAAP Expenses for Three and Nine Months Ended September 30, 2008 and September 30, 2007
(US$ in thousands)


	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2008			2007			% Change			2008			2007			% Change
Non GAAP expenses

Compensation, benefits and profit share	$	(227,387	)	$	(45,959	)		394.8	%	$	(777,130	)	$	(318,026	)		144.4	%
Add: acquisition related compensation expense		188,005			—						588,508			—



Non GAAP compensation, benefits and profit share (CBP)	$	(39,382	)	$	(45,959	)		(14.3	%)	$	(188,622	)	$	(318,026	)		(40.7	%)

GAAP general, administrative and other		(30,283	)		(25,891	)		17.0	%		(90,816	)		(79,634	)		14.0	%


Non GAAP total expenses	$	(69,665	)	$	(71,850	)		(3.0	%)	$	(279,438	)	$	(397,660	)		(29.7	%)

GLG Partners, Inc.
Financial Supplement


										First Nine Months						TTM
(US$ in millions except per share data)	Q3 2008			Q2 2008			Q3 2007			2008			2007			to 9/30/08

Opening Net AUM	$	23,668		$	24,646		$	18,585		$	24,612		$	15,154		$	20,466
Inflows (net of redemptions)		(2,182	)		(629	)		1,633			(2,044	)		3,151			882
Performance (gains net of losses and fees)		(3,139	)		(269	)		(297	)		(4,956	)		1,397			(3,969	)
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		(80	)		545			(332	)		764			(100	)
Closing Net AUM		17,230			23,668			20,466			17,280			20,466			17,280

Average net AUM		20,474			24,157			19,526			22,551			17,573			22,552


Management fees	$	80.3		$	90.6		$	78.6		$	269.7		$	198.9		$	357.9

Performance fees		6.8			78.2			0.8			89.8			343.8			424.6

Administration fees		17.8			20.4			16.3			60.4			43.0			81.7

Other (loss)/income		(2.8	)		(0.4	)		6.9			2.4			7.9			4.6


Total net revenues and other income	$	102.1		$	188.8		$	102.6		$	422.3		$	593.6		$	868.8


Compensation, benefits and profit share		(227.4	)		(236.7	)		(46.0	)		(777.1	)		(318.0	)		(1,670.3	)

General, administrative and other		(30.3	)		(30.2	)		(25.9	)		(90.8	)		(79.6	)		(120.1	)

Net interest income		(4.0	)		(4.1	)		3.0			(12.1	)		4.7			(14.5	)

Income tax expense		(3.2	)		(3.3	)		(4.7	)		(12.7	)		(33.0	)		(43.6	)


GAAP net income before minority interests	$	(162.7	)	$	(85.5	)	$	29.0		$	(470.4	)	$	167.6		$	(979.7	)


Add: Acquisition-related compensation expense		188.0			140.3			0.0			588.5			0.0			1,227.6
Less: Tax effect of Acquisition-related compensation expense		(0.6	)		(5.5	)		0.0			(6.0	)		0.0			(6.0	)
Deduct: Cumulative dividends		(2.9	)		(5.2	)		0.0			(12.2	)		0.0			(14.9	)


Non GAAP adjusted net income⁽¹⁾	$	21.9		$	44.2		$	29.0		$	99.9		$	167.6		$	227.0


*Non GAAP weighted average fully diluted shares*		309.6			314.6			333.9			318.5			333.9			318.5

Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares		0.07			0.14			0.09			0.31			0.50			0.71


Management fees and Administration fees/Avg. net AUM²	1.92	%	1.84	%	1.94	%	1.95	%	1.84	%	1.95	%
Total net revenues and other income /Avg.net AUM²	1.99	%	3.13	%	2.10	%	2.50	%	4.50	%	3.85	%

Compensation, benefits and profit share less Acquisition-related compensation expense / Total net revenues and other income	38.6	%	51.0	%	44.8	%	44.7	%	53.6	%	51.0	%
General, administrative and other expenses / Total net revenues and other income	29.7	%	16.0	%	25.2	%	21.5	%	13.4	%	13.8	%
Non GAAP adjusted net income / Total net revenues and other income	21.4	%	23.4	%	28.3	%	23.7	%	28.2	%	26.1	%
“Effective” tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense /sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense)	23.2	%	23.9	%	14.0	%	23.6	%	16.5	%	22.1	%


⁽¹⁾		See “Non GAAP Financial Measures” for further detail.

⁽²⁾		Ratios annualized for quarterly and 9-month periods.

GLG Partners, Inc.
Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to
Non GAAP Weighted Average Fully Diluted Share Count
(Share count in thousands)


	First Nine Months
	2008		2007		3Q 2008		2Q 2008		3Q 2007
Outstanding
Common stock (including Treasury Stock) ⁽¹⁾		236,799		161,095		236,799		236,799		161,095
Unvested shares		8,995		10,468		8,995		8,882		10,468

Total issued and outstanding common stock		245,794		171,563		245,794		245,681		171,563
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		54,485		—		54,485		54,485		—

Weighted Average Shares Outstanding
Common stock (excluding Treasury Stock)		211,357		135,712		211,417		211,454		135,712
Unvested shares		9,558		10,468		8,995		9,068		10,468
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		55,031		—		54,485		54,485		—

GAAP Weighted Average Fully Diluted Share Count
Common stock		211,357		135,712		211,417		211,454		135,712
Unvested shares		—		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		58,905		—		—		58,905
Warrants		—		—		—		—		—

Total		211,357		194,617		211,417		211,454		194,617


Non GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		211,357		135,712		211,417		211,454		135,712
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid.		35,888		35,851		35,839		36,085		35,851
add: impact on weighted average fully diluted shares outstanding in each period of including 69.8 million shares of Freedom common stock from January 1 , 2006 instead of November 2, 2007.		—		69,800		—		—		69,800

Non GAAP weighted average fully diluted share count		247,245		241,363		247,256		247,539		241,363

FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		58,905		—		—		58,905
inclusion of Exchangeable Shares as dilutive under non GAAP		58,905		—		58,905		58,905		—

Non GAAP weighted average fully diluted share count		58,905		58,905		58,905		58,905		58,905


Warrants:
GAAP weighted average fully diluted share count		—		—		—		—		—
add: inclusion of weighted average warrants as dilutive under non GAAP ⁽²⁾⁽³⁾		12,350		33,625		3,469		8,169		33,625

Non GAAP weighted average fully diluted share count outstanding		12,350		33,625		3,469		8,169		33,625


Non GAAP. Weighted Average Fullv Diluted Share Count ⁽²⁾ ⁽³⁾
Common stock		247,245		241,363		247,256		247,539		241,363
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		12,350		33,625		3,469		8,169		33,625

Total		318,500		333,893		309,630		314,613		333,893


Equity Market Capitalization (USD in Thousands)
Common equity market capitalization ⁽⁴⁾		1,651,469		—		1,651,469		2,375,771		—
Warrant market capitalization		39,229		—		39,229		108,425		—

Total equity capitalization ⁽⁴⁾		1,690,698		—		1,690,698		2,484,196		—


(1)		Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of equity participation plan participants.

(2)		Reflects weighted average diluted shares outstanding eligible to receive common dividends or the equivalent, plus diluted warrants outstanding under the treasury stock method.

(3)		Uses the November 2, 2007, the date the Freedom transaction closed, price of $13.70 and share count of 230,467,891 for all prior periods.

(4)		Assumes conversion of FA Sub 2 Limited Exchangeable Shares

GLG
Composition of Assets Under Management and Net Flows Supplement
($ in millions)


	As of September 30,						YOY			Qtr on Qtr % Change						As of June 30,						YOY			As of Dec 31,						YOY
	2008			2007			% Change			Q3 2008			Q3 2007			2008			2007			% Change			2007			2006			% Change
Alternative strategy	$	13,692		$	14,713			(6.9	%)		(23.0	%)		14.7	%	$	17,772		$	12,826			38.6	%	$	18,833		$	10,410			80.9	%
Long-only		3,079			4,561			(32.5	%)		(34.3	%)		2.9	%		4,684			4,432			5.7	%		4,774			3,815			25.1	%
Internal FoHF		1,690			1,651			2.3	%		(22.9	%)		1.5	%		2,191			1,627			34.5	%		2,318			1,261			83.9	%
External FoHF		587			598			(1.9	%)		(15.0	%)		(0.1	%)		691			599			15.3	%		598			568			5.4	%

Gross Fund-Based AUM		19,048			21,524			(11.5	%)		(24.8	%)		10.5	%		25,337			19,484			30.0	%		26,523			16,053			65.2	%

Managed accounts		1,843			1,905			(3.3	%)		(12.7	%)		3.4	%		2,110			1,843			14.5	%		2,357			1,233			91.2	%
Cash		261			164			59.1	%		(41.7	%)		(15.5	%)		448			194			130.9	%		206			310			(33.5	%)

Total Gross AUM		21,152			23,593			(10.3	%)		(24.2	%)		9.6	%		27,895			21,522			29.6	%		29,086			17,596			65.3	%

Less: internal FoHF investments in GLG funds		(2,161	)		(1,653	)		30.7	%		5.6	%		0.7	%		(2,047	)		(1,642	)		24.7	%		(2,331	)		(1,268	)		83.9	%
Less: external FoHF investments in GLG funds		(32	)		(55	)		(41.8	%)		(36.0	%)		(1.8	%)		(50	)		(56	)		(10.7	%)		(53	)		(49	)		8.9	%
Less: alternatives fund-in-fund investments		(1,674	)		(1,419	)		18.0	%		(21.2	%)		14.5	%		(2,125	)		(1,239	)		71.6	%		(2,090	)		(1,125	)		85.8	%
Less: long-only fund-in-fund investments		(5	)		—			—			—			—			(5	)		—			—			—			—			—

Net AUM	$	17,280		$	20,466			(15.6	%)		(27.0	%)		10.1	%	$	23,668		$	18,585			27.4	%	$	24,612		$	15,154			62.4	%


	Three Months Ended September 30,						Trailing 12 Months Ended Sept 30,						Three Months Ended June 30,						Nine Months to Sept 30,
	2008			2007			2008			2007			2008			2007			2008			2007
Opening Net AUM	$	23,668		$	18,585		$	20,466		$	13,718		$	24,646		$	16,085		$	24,612		$	15,154
Inflows (net of redemptions)*		(2,182	)		1,633			882			3,253			(629	)		1,509			(2,044	)		3,151
Performance (gains net of losses and fees)		(3,139	)		(297	)		(3,969	)		2,430			(269	)		848			(4,956	)		1,397
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		545			(100	)		1,065			(80	)		143			(332	)		764

Closing Net AUM	$	17,280		$	20,466		$	17,280		$	20,466		$	23,668		$	18,585		$	17,280		$	20,466


% of Opening Net AUM
Net Fund-based inflows (net of redemptions)*		(9.2	%)		8.8	%		4.3	%		23.7	%		(2.6	%)		9.4	%		(8.3	%)		20.8	%
Net Fund-based performance (gains net of losses and fees)		(13.3	%)		(1.6	%)		(19.4	%)		17.7	%		(1.1	%)		5.3	%		(20.1	%)		9.2	%
Net Fund-based currency translation impact (non-US$ AUM expressed in US$)		(4.5	%)		2.9	%		(0.5	%)		7.8	%		(0.3	%)		0.9	%		(1.3	%)		5.0	%


*		Inflows (net of redemptions) for the three months and nine months ended September 30, 2008 are inclusive of $1.3 billion and $1.6 billion, respectively, in redemptions associated with our Emerging Market Funds.

		Note: Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows.


Media:

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		glg@finsbury.com

		Andy Merrill / Stephanie Linehan
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